The United States appears poised to finalize a landmark trade agreement with India, even as President Donald Trump escalates tensions with the European Union by proposing a sweeping 50% tariff on EU imports.

These contrasting developments underscore the administration’s shifting economic alliances and their ripple effects across traditional markets and digital assets alike.

According to what CNBC-TV18 cites, negotiators from the U.S. and India are edging toward a preliminary agreement on a trade deal that could be reached in the next ten days. A major aim of the agreement is to roll back certain parts of the 26% tariff on Indian imports that were imposed last month as a reaction to wider policies initiated by Trump.

Trump Renews Criticism of EU Talks

Under the draft accord, the U.S. may reduce tariffs on important Indian products and apply a 10% tariff on a few imports from India. Furthermore, a number of product categories might be completely excused from duties, pointing to a careful effort to meet economic and political needs alike.

News about the government’s financial plans has encouraged investors to be a bit more positive. Just days after the U.S. and China announced a trade deal in November, Bitcoin surged on the back of this news. Yet, Bitcoin prices fell sharply by more than $3,000 after yesterday’s news that EU goods could face 50% tariffs.

President Trump repeated his tough criticism of the EU today, accusing Europe of not negotiating in good faith and promising massive tariffs from June 1. “It has been extremely hard to deal with the EU,” he said, putting the blame for the dispute on Brussels.

U.S.-Asia Trade Talks Gain Momentum

President Obama told Apple CEO Tim Cook that if the company does not shift some iPhone production to the U.S., Apple will see a 25% tax on goods shipped from other countries.

While CNBC reported that Apple’s U.S. plants would likely be safe, the tariff shows that Trump is becoming more determined to bring key manufacturing back to the U.S.

US-India Trade Talks Progress, EU Faces Tariffs

According to Scott Bessent, trade discussions with India, as well as multiple Asian countries, are moving rapidly. The President said that several additional agreements could appear while the 90-day period on reciprocal tariffs is in effect, since this time could help change the trade picture in advance of elections.

It is believed by analysts that a completed U.S.-India trade agreement could boost global support for investments and soothe the volatility often seen in the crypto market. Still, the threat of Trump’s EU tariffs continues to cause uncertainty for Wall Street.